How to manage deadbeat tenants
As landlord, you know that bad tenants are bad for business. That’s why it’s so important to research rental candidates before turning over the keys. But doing thorough background checks on individuals can also present its own set of headaches.
First, you need to make potential applicants to fill out an application with their name, social security number, driver’s license number, current address and get their permission to run a credit check. You also have to ask for personal, work and rental references, which will require you to make numerous calls and inquiries.
An interview, whether formal or informal, is also an important part of the process, as it gives you an idea of the kind of person you might be dealing with. A credit check is also crucial because it can give you much-needed insight into that individual’s rental history. Unfortunately, both take time.
When running a credit check, you may only get an incomplete view of an applicant because credit bureaus don’t always record rent payments. This will mean using the services of a company that specializes in researching potential clients to get a more accurate financial picture of the person who wants to rent from you.
You also need to check public, eviction and criminal records. Doing so will make certain that a potential tenant isn’t in bankruptcy, hasn’t ever been evicted or been the subject of court proceedings. Any of these factors could make for a scenario straight from your worst nightmare.
The experts at Herman Boswell Property Management understand how time-consuming checking out potential tenants can be. At the same time, we also know that careful screening is key to avoid doing business with deadbeats. That’s why we go the extra mile for you and treat your properties like the the important investments they are.